Cramer in May 2009 = buy df at 20 when co was doing a secondary. Then 1 year later a sell in the 7-10 range and he would hammer it from 2010 - 2011, in the 7-10 range as a sell sell sell, as the smart money was, yep, buy buy buy. When Tepper showed a huge stake in the 8-12 range Crame went all gah gah, and said, NOT sure what Tepper sees but I will not bet against him, so if you NEED to invest in this space I guess it is OK, I hate DF financials, but that is Tepper's strong suit. About 8 months later when DF was testing 14-16 and announcing spin off, Cramer says buy buy buy. From his little dribble yesterday I got the impression he thought the 2ndary was a finished deal. He said yes we bought it for the spin off, and that it done, so no reason to hold df.
Cramer has managed to make millions, lose millions, and make millions again. Net worth in the 100 m range. So he is not always wrong, but for whatever reason he has been upside down on every DF call I have heard going back to 2009, 4 plus years. He finally says buy when df was up 100% off it's low, he also in 2009 had a buy before DF tanked 130%. That is a 230% miss by Cramer on DF, so I recommend ignoring JC where DF is concerned.
DF as a stand alone without WV will not command a high PE at all, except the debt Cramer had trouble dealing with in the 2010-2011 time frame is vanishing fast. The E in PE will expand. The gem here is WV. Df made this spin a little convoluted, Selling shares, keeping shares, spinning shares, class A and B shares, waiting periods, and throw in the sale of Morning Star and of course there is some confusion on DF valuation.
In 2009 Cramer had a buy at 20 and he was right on the under valued point, but wrong on the stock direction. Df was worth about 25 then, and about 28-30 but could be even higher depending on wv, post spin.